Why Libra Could Boost Bitcoin Adoption

The co-founder and CEO of BitMEX, Arthur Hayes recently spoke to Bloomberg and has only got one prediction for what will happen following the launch of the eagerly awaited stablecoin:

“I think it will destroy commercial and central banks.”

This is a bold statement from the CEO and it will be interesting to see how accurate Hayes is after Libra is finally launched next year.

Facebook’s upcoming stablecoin has turned thousands of heads since it was announced in June. There are a lot of debates and theories out there in regards to Libra in how it will impact not just the crypto space, but the world as well.

Well, a new report from the research platform Seeking Alpha is suggesting that Libra could boost Bitcoin in terms of adoption and recognition.

The report goes on to suggest that Libra’s mainstream attention will more than likely have an impact on Bitcoin. So even when you consider the uncertain global economic state, this could lead to mainstream acceptance of Bitcoin during such rough times across the globe.

The author of the report, Ryan Waldoch states:

“I believe that Libra will allow users to be more inclined to use bitcoin as a peer-to-peer payment system while the uncertainties of the global markets are having investors flock into bitcoin as a store of value.”

Later in July, we will see a dedicated United States hearing in regards to the upcoming stablecoin as lawmakers have already requested development to stop until the dialogue is held.

Price

In terms of price, Bitcoin is worth $11,622 following a 3.47 percent increase over the past 24 hours. This comes after a few uncertain days earlier this week and over the past weekend with BTC sinking below the $10k mark for a short time as well.

The rest of the market also seems bullish aside from a few exceptions like Cardano, Stellar and Ripple’s XRP who are all in the red at the time of writing.